Lululemon Sees Annual Gross sales, Revenue Under Estimates on Weaker Equipment Demand

Attire retailer Lululemon Athletica on Thursday forecast annual income and revenue beneath expectations, pressured by sluggish demand for the corporate’s premium athleisure and equipment.

Shares of the Vancouver, Canada-based firm fell 9 % in prolonged buying and selling.

Customers are lowering their spending on luxurious clothes and niknaks, a pattern evident amongst a number of US retailers comparable to Foot Locker, which has famous a decline in demand.

The premium attire retailer forecast a revenue within the vary of $14.00 to $14.20 per share for fiscal 2024, in comparison with expectations of $14.13 per share.

Lululemon projected fiscal 2024 income to vary between $10.70 billion and $10.80 billion. Analysts on common had anticipated $10.90 billion.

Reporting by Annett Mary Manoj; Modifying by Ravi Prakash Kumar

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